Fed’s Top Supervisory says, A Joint Framework for Crypto Supervision a “High Priority”

Randal Quarles said US financial regulatory agencies OCC and the FDIC are hurrying to pull together their views on crypto.

US financial regulatory agencies are working together on addressing issues related to cryptocurrency, said Randal Quarles, Federal Reserve Vice Chair of Supervision.

“We along with the OCC and the FDIC are engaged right now in what we are calling a sprint in seeking to pull together views on exactly that.”

The discussion is about a common regulatory framework and capital and operational treatment, Quarles said in response to a question from a member of the Senate banking committee about crypto-assets and their illicit use.

Quarles is expecting some results “soon” while sharing that a joint framework for supervision is currently a “high priority.”

Last month, the Fed's top supervisory official also said that bank regulators should be paying more attention to the rise of stablecoins and digital currency.

He called the rise of crypto and stablecoins “one of the more interesting developments” in the financial markets. He said that the policy talk around the issues hadn’t been given as robust of a consideration as he would like it to be.

“The inexorable march of technology is a huge opportunity but also a supervisory challenge for the financial system,” he said at the time.

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